WTO: Global trade losing momentum
Lower export orders and car sales are likely to slow world trade growth in the third quarter, the WTO said, as a global tariff crusade by US President Donald Trump to protect American jobs begins to bite.
As the World Trade Organization’s head warned that global trade was threatened, its quarterly outlook indicator — a composite of seven forward-looking indices — dipped to 100.3 from the 101.8 predicted in May for the second quarter.
That signaled “an easing of trade growth in the coming months in line with medium-term trends,” it said yesterday.
The latest figures for export orders and cars were 97.2 and 98.1 respectively. Trump has already imposed tariffs on imports of steel and aluminum from major trade partners and signaled that vehicles are likely to be next.
“Global trade is under threat. Whether or not you call the current situation a trade war, certainly the first shots have been fired,” WTO director general Roberto Azevedo wrote in an opinion piece published by several newspapers yesterday.
“The situation is extremely serious. Reciprocal trade restrictions cannot be the new normal. A continued escalation would risk a major economic impact ... hitting the poorest hardest.”
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.